- FTSE 100 index drops 20 points
- US stocks lower
- Travel stocks dip on lockdown pessimism
5pm: FTSE 100 ends just below the flatline
The FTSE 100 closed Friday down 20 points, 0.3%, at 6,695. The FTSE 250 dropped 197 points, nearly 1%, to 20,597,
"Equity benchmarks are set to finish lower as fears of stricter or extended lockdowns are dictating sentiment," CMC Markets UK analyst David Madden wrote Friday. "It is a broad based sell off, as fears that England’s lockdown might last until summer has impacted most sectors. There are concerns the EU might shut internal borders and there has been chatter the bloc might ban travellers from the UK."
Travel stocks suffered as a result, and both easJet plc (LON:EZJ) and International Consolidated Airlines Group SA (LON:IAG) lost more than 3%.
That said, the FTSE 100 as a whole showed only moderate losses.
"The FTSE 100’s losses have been cushioned to a certain extent by the weakness in sterling," Madden wrote. "Constituents of the index that earn relatively large revenue streams from overseas, like Ashtead, Unilever, Imperial Brands and AstraZeneca are showing small gains."
In the US, Wall Street recovered slightly from big early morning losses, but the Dow was still down 111 points, 0.4%, at midday. The Nasdaq lost 19 points, 0.1%, to 13,512, and the S&P ticked down 7 points, 0.2%, to 3,846.
"The S&P 500 and the NASDAQ 100 have pulled back from yesterday’s record highs as traders are content to trim their exposure to stocks following the recent bullish run," Madden wrote. "US equities have registered impressive gains lately on the back of hopes for President Biden’s spending plans but the mood has mellowed a little."
3.15pm: Proactive North America headlines:
Loop Insights Inc (MTRX:CVE) (OTCQB:RACMF) provide venue management services for Las Vegas golf tournament
NexTech AR Solutions Corp (OTCQB:NEXCF) (NEO:NTAR) (FRA:N29) sells its Bitcoin holdings for a $200,000 profit
Trillion Energy International Inc (CSE:TCF) (OTCMKTS:TCFF) (FRA:3P2N) poised to start re-development at SASB gas field in Black Sea as commodity prices recover
GSRX Industries Inc (OTCPINK:GSRX) rebranding its corporate identity and opening new business vertical in restaurant industry
InnoCan Pharma Corporation (CSE:INNO) (OTCMKTS:INNPF) (FRA:IP4) reveals successful production of CBD-loaded liposomes under aseptic conditions
Loncor Resources Inc (TSX:LN) unveils non-brokered private placement of up to 10,000,000 units at a price of C$0.50 each for gross proceeds of up to C$5M
Melkior Resources Inc (CVE:MKR) (OTCMKTS:MKRIF) (FRA:MEK1) starts 700 meters of drilling at Maseres property in Urban-Barry camp
Vox Royalty Corp (CVE:VOX) closes acquisition of Breakwater Resources royalty portfolio
TomaGold Corp (CVE:LOT) (OTCMKTS:TOGOF) (FRA:OTM) encouraged by initial drilling at Obalski project in Quebec
Binovi Technologies Corp (CVE:VISN) (OTCMKTS:BNVIF) (FRA:2EYA) touts increased demand for neuro-vision technology in its 3Q
2.44pm: Wall Street starts lower as pandemic rattles traders
The main Wall Street indices opened on a negative footing on Friday morning as the looming prospect of extended coronavirus lockdowns left traders feeling uncertain.
In the early minutes of trading, the Dow Jones Industrial Average was down 0.56% at 31,002, while the S&P 500 dropped 0.47% to 3,834 and the Nasdaq fell 0.45% to 13,469.
Reports that China and Hong Kong have reintroduced lockdown measures and news that the UK government is considering closing its borders to prevent the importation of new cases will likely have dampened sentiment as investors worry the end of the pandemic could still be some way off despite dealing with the pandemic for just over a year at this point.
Also seeing a gloomy start to the New York session was IBM Corp (NYSE:IBM), which was down 9.9% at US$118.70 in early trading after reporting a drop in earnings and sales for its fourth quarter as well as its seventh consecutive year of income declines.
Back in London, the FTSE 100 had clawed back some losses but was still down 30 points at 6,685 at around 2.45pm.
2.25pm: US indices to open on the back foot
The lunchtime trading session saw the FTSE 100 pare its losses, helped by the weakness of sterling, which has lost three-quarters of a cent.
The FTSE 100 was down 38 points (0.6%) at 6,677 just before US markets opened.
Futures markets suggest US stocks will open on the back foot.
Ashtead Group PLC (LON:AHT), the tool hire firm focused on the US market, was the best performing blue-chip, up 3.1% at 3,876p.
1.20pm: Miners acting as a drag
Mining stocks are contributing to the FTSE 100’s malaise today after China ordered that two areas in the Kowloon area of Hong Kong will be under lockdown this weekend.
The FTSE 100 was off 50 points (0.8%) at 6,665, with Antofagasta PLC (LON:ANTO), Fresnillo PLC (LON:FRES) and Glencore PLC (LON:GLEN) comprising half of the top half-dozen (or bottom half-dozen, if you prefer) fallers, as metal prices head south.
Gold is off 1.3% and silver is 2.5% cheaper.
“A full UK border closure is being 'considered' by the government, according to Environment Secretary George Eustice. This is due to concerns about new COVID variants being imported from abroad. Restrictions have also intensified in Germany, Hong Kong and several other countries, with experts warning that the situation could get worse before things get better,” said Fawad Razaqzada at ThinkMarkets.
Even Britain’s own strain of COVID-19 is no longer world-beating it seems.
Among the small caps, cash shell Ridgecrest PLC (LON:RDGC) once again caught the eye, adding to yesterday’s gains.
The shares were up 40% at 2.95p -they were trading at around a penny at the start of the year -after Ashok Patel and John Mahtani increased their holdings, from 3.2% to 4.13% and from 4.67% to 5.01% respectively.
Robert Thesiger (chairman), Philip Holt (non-executive director) and James Normand (non-executive director).have just been granted millions of options to buy shares at 1.65p so they must be overjoyed at the shares rocketing straight into the money this week.
12.10pm: Losses lengthen as US markets look set to tumble
The FTSE 100’s losses have lengthened as indications point to US indices opening firmly in retreat.
The FTSE 100 was down 53 points (0.8%) at 6,662, despite sterling giving up more than half a cent against the US dollar at US$1.3674 – normally considered a plus point for the many big-dollar earners among the Footsie constituents.
In the US, all three of the main indices are expected to open lower.
The Dow Jones industrial average is expected to add to yesterday’s losses, opening 236 points lower at 30,940.
The S&P 500, which edged higher yesterday, is tipped to open 27 points in the hole at 3,826 while the Nasdaq Composite, which made modest headway on Thursday, is expected to open 201 points weaker at 13,330.
Global sentiment has been hit by the prospect of tougher lockdowns being introduced to combat the spread of the coronavirus while in the US there is also speculation that Republicans will dig their heels in over President Biden’s US$1.9tln fiscal stimulus package.
Fourth-quarter earnings season remains in full flow with oilfield services provider Schlumberger topping expectations with adjusted earnings per share (EPS) of 22 cents; this was down from 39 cents a year earlier but ahead of the consensus forecast of 17 cents.
“Intel shares saw a lot of volatility shortly before the close of trading in the US last night as it seems their fourth-quarter numbers were leaked and posted a little earlier than expected,” reported David Madden at CMC Markets.
The company is investigating reports that a graphic in the earnings was the subject of a hack, hence the numbers were released early.
Computers, eh?
EPS came in at US$1.52, compared to the consensus estimate of US$1.10.
It’s Purchasing Managers’ Index (PMI) day across the globe and the US is no exception. It’s just the “flash” estimates – the first stab at the numbers – so the numbers may not move the market much.
The manufacturing PMI for January is expected to ebb to 56.5 from 57.1 in December while the services PMI is seen retreating to 53.4 from 54.8.
Yesterday was the day the housing starts data was released and today we get the exiting homes sales numbers, with economics predicting a fall to 6.56mln in December from 6.69mln in November.
Oil traders will be looking for the Department of Energy’s crude oil stockpile numbers, with expectations of a fall of 1,675k barrels after the previous week’s fall of 3,248k.
10.50am: Prospect of tougher/longer lockdown hits travel stocks
Travel-related stocks are weighing down the FTSE 100; it seems like only last week everyone was piling back into them.
The FTSE 100 was down 34 points (0.5%) at 6,681 with British Airways owner International Consolidated Airlines (LON:IAG) leading the retreat with a 4.1% fall at 150.60p.
“Stock markets are firmly in the red this morning due to fears that European governments might introduce tougher restrictions as a way of trying to clamp down on the coronavirus. There are several different stories doing the rounds, the UK’s lockdown might last until the summer, the EU might close internal borders as well as halt visitors from the UK. Nothing has been confirmed but judging by the headlines, it seems that things will get worse with respect to restrictions before they get better, hence the fall in stocks,” said David Madden at CMC Markets.
“As there is talk that international travel might be impacted, it is no surprise that airlines are suffering this morning,” he added.
On the mid-cap FTSE 250, packaged holiday tours operator TUI AG (LON:TUI), down 11.1% at 375.6p, is the biggest faller while airlines easyJet PLC (LON:EZJ) and Wizz Air Holdings PLC (LON:WIZZ) are down 4.3% and 3.1% respectively.
As investors back on the current lockdown becoming more restrictive or at least lasting longer than hoped, Samuel Tombs at Pantheon Macroeconomics said the third lockdown has been more damaging than the second to the UK economy but the rapid vaccine rollout is setting up a second-quarter rebound.
PMIs awful & gov. borrowing spiralling. Mr Sunak moves alert level from 'puzzled frown' to 'bites lip'. pic.twitter.com/3tVhyeihhF
— Mark Brumby (@brumbymark) January 22, 2021
Commenting on this morning’s Purchasing Managers’ Indices (PMIs), Tombs said January’s PMIs provide more evidence that the current lockdown has damaged the economy more than November’s light-touch variety.
“The composite PMI dropped well below November’s 49.0 level but still was a long way above its all-time low of 13.8 in April. Note that the PMI excludes activity in the retail and public sectors; the closure of schools and the cancellation of non-Covid work by hospitals will additionally depress GDP. Manufacturing output also looks set to be lower in January than in November, because overseas customers sourced goods in advance of the Brexit deadline in December. Indeed, the new orders index of the manufacturing survey fell to 47.9 in January, from 56.7 in December and 54.9 in November,” Tombs reported.
“Production also looks set to be disrupted by component shortages; suppliers’ delivery times stretched to the longest since the manufacturing survey began nearly three decades ago. Accordingly, we think that GDP will drop by about 5.0% month-to-month in January, following a partial 1.5% rebound in December. That would leave January GDP some 12.0% below its pre-Covid peak, compared to shortfalls of 8.9% in November and 25.0% in April,” Tombs said.
10.00am: Double-dip recession here we come?
The “flash” UK Composite Output Index in January fell to an eight-month low of 4.0.6 from 50.4 in December, according to IHS Markit/CIPS.
The UK Services Business Activity Index fell to 38.8 – also an eight-month low – in January from 49.4 in December while the UK Manufacturing Output Index dipped to 50.3 (eight-month low) from 55.9 in December.
UK January services PMI 38.8 vs 45.0 expected https://t.co/Y2KTo7S6Tu
— ForexLive (@ForexLive) January 22, 2021
The UK Manufacturing Purchasing Managers’ Index (PMI) dropped to a seven-month low of 52.9 in January from 57.5 in December.
“A steep slump in business activity in January puts the locked down UK economy on course to contract sharply in the first quarter of 2021, meaning a double-dip recession is on the cards,” said Chris Williamson, the chief business economist at IHS Markit, the firm that compiles the data.
“Services have once again been especially hard hit, but manufacturing has seen growth almost stall, blamed on a cocktail of COVID-19 and Brexit, which has led to increasingly widespread supply delays, rising costs and falling exports,” Williamson said.
Duncan Brock, the group director at the Chartered Institute of Procurement and Supply (CIPS), said the latest data represented a “sudden blow to the UK economy as recovery in the two sectors lost its momentum after some improvement at the end of last year”.
“Affected by consumer caution and dried-up pipelines of new work from domestic and export customers, new orders dropped to an extent not seen since May, underlining the continuing instability in a marketplace no longer propped up by pre-Brexit stockpiling or reduced restrictions on business conditions,” Brock said.
The FTSE 100, which was already in the red prior to the release of the data, reacted phlegmatically, easing a little further to 6,675, down 41 points (0.6%).
London looks set for a drab end to the week with grisly UK economic data and developments in China sapping confidence.
The FTSE 100 was down 36 points (0.6%) at 6,678.
“Things have unravelled quickly, likely a symptom of heavy bullish bets and weaker hands heading for the exits,” suggested Stephen Innes, the chief global market strategist at Axi.
“More lockdowns in China and the economic implications this will have in terms of mobility knock-on effects ahead of Chinese New Year and increasing push back from Republicans around US President Biden's stimulus plans, have led to profit-taking across the value/re-opening trade.
“With China back in emergency COVID mode, it has rocked the boat pretty violently today,” he added.
As for today’s UK retail sales figures, volumes rose 0.3% month-on-month in December but this “was a much smaller rebound than had been hoped for after retail sales had fallen 4.1% in November,” according to Howard Archer, the chief economic advisor to the EY ITEM Club.
The consensus had been for a 1.2% rise in December.
“Retail sales volumes fell 0.4% q/q [quarter-on-quarter] over the fourth quarter, which ties in with the EY ITEM Club’s view that the economy likely stagnated,” Archer said.
The UK’s budget deficit (public sector net borrowing excluding banks or PSNBex) rose to £34.1bn in December, the third largest monthly budget deficit on record and the highest since May. This was up from £26.1bn in November and nearly six times the December 2019 shortfall of £5.9 bn.
“The public finances saw a ninth successive large shortfall in December as the Government’s measures to support businesses and jobs affected by COVID-19 resulted in reduced receipts and substantially increased public spending. Significantly, with the continuation of the furlough scheme, the ONS reported December saw £4.7bn spent on the Coronavirus Job Retention Scheme (CJRS) and £5.3bn on the Self Employment Income Support Scheme,”Archer reported.
“The EY ITEM Club expects the budget deficit (PSNBex) to come in around £420bn in 2020/21 – 19.9% of GDP,” Archer revealed.
If there is not much good news on the economic front, mid-cap Computacenter PLC (LON:CCC) has provided some cheer in the corporate arena with its pre-close trading statement.
The shares rose 3.4% to 2,538p after the information technology firm increased its full-year profit guidance.
#CCC Solid update from Computacenter with adjusted PBT raised yet again to >£195m. Real quality with technology clients more than offsetting falls in manufacturing and industrial. Like this bit: "we are as confident as we can be at this stage that 2021 will be a year of progress"
— Damian Cannon (@ThreeHalfPenny) January 22, 2021
8.25am: Weak end to the week
The FTSE 100 made a lacklustre start to the final day of the trading week – taking its cue from Wall Street and Asia’s main bourses.
The index of UK blue-chips opened 19 points lower at 6,696.22.
“Markets have stumbled at the end of a generally directionless week,” said Richard Hunter, head of markets at Interactive Investor.
“The wave of optimism which had gripped the US markets the previous day, as the inauguration of the new president passed without incident, and as investors took hope from some positive political noises around the stimulus package, subsided.”
If the international stock action was dull, then there wasn’t much cheer closer to home.
It is unlikely traders will warm to the last UK retail sales data, which showed volumes fell 1.9% in 2020, the biggest annual decline on record.
Clothing was hardest hit by the coronavirus lockdown with business down by a quarter.
December’s performance provided a small crumb of comfort – but only that – with sales ahead 0.3% year on year.
Turning to the movers, coronavirus-impacted stocks were on the decline, led by tour operator TUI (LON:TUI), off 5.8%, picture hall owner Cineworld (LON:CINE), down 3.3%, and IAG (LON:IAG), the British Airways and Iberia airlines holding company, shares in which fell 3%.
BP (LON:BP) and Shell (LON:RDSA) were dragged 2.2% and 2% lower by the declining price of crude.
Proactive news headlines:
Evgen Pharma PLC (LON:EVG) said its lead compound has been shown to inhibit a protein associated with a number of different cancers. Research carried out by Professor Philip Eaton, of Queen Mary University of London, showed SFX-01 was able to decrease the activity of SHP2. This is a non-receptor protein tyrosine phosphatase that is associated with breast cancer, leukaemia, lung cancer, liver cancer, gastric cancer, laryngeal cancer and oral cancer.
Learning Technologies Group PLC (LON:LTG) said its full-year revenues and earnings are expected to be ahead of consensus despite disruption in the wider market during the coronavirus (COVID-19) pandemic. In a trading update for the year to December 31, 2020, the digital learning and talent management specialist said it expects revenues to be no less than £131mln, up from £130.1mln in the prior year, while recurring revenues increased to 80%growth from 74% driven by what the firm said was the ongoing performance of its software & platforms division and the expansion of its business in open-source learning management systems.
Union Jack Oil PLC (LON:UJO) has updated on the planning and permitting process for the West Newton project in Yorkshire. Project operator Rathlin Energy is advancing the process with the East Riding of Yorkshire Council. The West Newton partner seeks approval for the development of the field – by testing, appraisal and production from the two existing wells along with the drilling, testing, appraisal and production from up to six new wells over a 25-year lifespan. "The East Riding of Yorkshire Council`s screening opinion considers that the proposed development would not comprise EIA (Environmental Impact Assessment) development,” Union Jack noted in a statement.
Directa Plus PLC (LON:DCTA) said it has had its hydrocarbon sludge processing contract with OMV Petrom extended and increased. The contract, which was initially awarded in July 2019, was for the provision of decontamination and oil recovery services using the company's proprietary Grafysorber technology. The AIM-listed producer and supplier of graphene nanoplatelets based products for use in consumer and industrial markets said the value of the contract has now increased to €410,000 from €150,000 (of which, €75,000 was delivered and invoiced in 2020) originally. The balance of the contract is expected to be fulfilled by June 2021.
Falcon Oil & Gas Ltd (LON:FOG) (CVE:FO) has highlighted what it describes as very encouraging initial gas composition data from the Kyalla 117 well, at the Beetaloo project in Australia’s Northern Territory. Gas samples taken during a 17-hour unassisted flow period confirm a 17-hour unassisted flow period, the company said. The data meets expectations, it added, and also supports the view that Kyalla gas stream will have elevated LPG and condensate yields.
Vast Resources PLC (LON:VAST) said it has appointed a new general manager at its Baita Plai Polymetallic Mine in Romania. Marcus Brewster, a senior mining professional with 24 years of open pit and underground experience, will clock in for the first time on March 1, 2021. Brewster previously held senior operational management positions at international mining companies such as Hummingbird Resources, Endeavour Mining, Nordgold & Gold Field. His role will include leading the development of Baita Plai to its full potential while maintaining the highest standard of safety and environmental compliance, Vast Resources said.
Advanced Oncotherapy PLC (LON:AVO) said it has raised £5.9mln via a share placing at 40p a pop. The buyers of the new stock, which was priced at just a 2% discount to the group's average closing price over the past 30 days, were clients of SI Capital, an independent stockbroker. The latest cash injection will be used to help progress the assembly of the company’s LIGHT proton beam therapy system.
Anglesey Mining PLC (LON:AYM) has said it is to raise £660,000 by placing 10mln shares at 6.6p a share. The newly issued shares represent roughly 4.7% of the company’s current issued share capital. The money raised will be used for general corporate purposes and particularly to continue the development of the group’s Parys Mountain property as outlined in the recent positive preliminary economic assessment for that project, Anglesey Mining said.
Live Company Group PLC (LON:LVCG) has announced the appointment of Monecor (London) Limited Capital as the company's sole corporate broker with immediate effect.
Oriole Resources PLC (LON:ORR) , the AIM-quoted exploration company focused on West Africa said that following an exercise of warrants and options over ordinary shares in the company it has issued 18,349,792 new ordinary shares of 0.1p each; The exercise prices of the warrants and options were: 264,126 warrants at 0.60p each; 17,419,000 warrants at 0.68p each; and 666,666 options at 0.37p each. Following the issuance, a total of 296,965,977 warrants and 82,526,246 options over ordinary shares (representing approximately 25.5% of the company's enlarged issued share capital) remain outstanding.
Landore Resources Limited (LON:LND) said it has received a notice to exercise warrants over a total of 296,296 ordinary shares, for which funds of £59,259.20 have been received by the company.
Shield Therapeutics PLC (LON:STX), a commercial-stage, pharmaceutical company with a focus on addressing iron deficiency with its lead product Feraccru/Accrufer (ferric maltol), has said Hans Peter Hasler, its non-executive chairman acquired 100,000 ordinary shares in the company on January 20, 2021, for consideration of £0.59 each. Following the transaction, Hasler holds 100,000 shares.
Great Western Mining Corporation PLC has announced that an extraordinary general meeting of the company will be held at Haresmead House, Foulkesmill, Wexford, Ireland, on February 17, 2021, at 11.00am. The group said the business of the EGM will be to consider and, if thought fit, approve certain resolutions relating to the replacement of CREST with a system operated by Euroclear Bank SA/NV for the electronic settlement of trading in the Company's ordinary shares. Approval of the resolutions is necessary to ensure the company's shares can continue to be settled electronically when they are traded on Euronext Growth Dublin and the AIM market of the London Stock Exchange and remain eligible for continued admission to trading on those exchanges.
Edison Research has issued an update on Baker Steel Resources Trust PLC (LON:BSRT). Its analysts said: “In 2020 BSRT's shares traded at an average discount to NAV of c 20%, compared to its five-year average of c 25%. The discount has significantly narrowed by the year-end and turned into a slight premium (1.5%) on 30 December 2020 close, which may suggest investors already anticipated a significant NAV uplift. As such, the immediate share price response to the end-2020 NAV announcement on 14 January 2021 was only a c 10% increase compared to the 27.5% NAV uplift versus end-November, resulting in a double-digit discount to NAV (currently c 14.1%). To view the full report use the following link: https://www.edisongroup.com/publication/annual-review-results-in-a-strong-nav-uplift/28677
6.50am: Dull end to the week predicted
On Thursday, even the US got the “stuck in a rut” blues and more of the same can be expected today in London.
Spread betting quotes suggest the FTSE 100 might eke out a 2 point rise to open at 6,715 after a mixed showing Thursday by US indices.
The Dow Jones Industrials Average drifted 12 points lower to 31,176 while the S&P 500 index edged 1 point higher to 3,853. Only the Nasdaq Composite showed any vigour, advancing 74 points to 13,531.
“A few swirling doubts have crept into Asian markets, with equities across the region indicating that regional investors prefer caution as the week closes. Hong Kong has announced a complete lockdown of part of Kowloon this morning in its COVID-19 battle,” reported Jeffrey Halley at OANDA.
In Hong Kong on Friday, the Hang Seng index was 392 points weaker at 29,535. Elsewhere in Asia, Japan’s Nikkei 225 was 82 points lower at 28,675.
Looking ahead to Friday’s agenda in the UK, the latest retail sales and public finances numbers for December will be released plus there will be flash manufacturing and services Purchasing Managers Indices (PMI) readings, where the consensus forecasts are 53.6 and 45 respectively.
“Since the April lockdown last year UK retail sales growth saw six consecutive months of gains; however, these came to a shuddering halt in the November numbers due to the lockdown restrictions that were put in place from the 5th November,” said CMC’s Michael Hewson.
“The biggest drag to retail sales is likely to be from closing bars and restaurants which have seen big declines in spending there, though as recent retail numbers have shown the boom in online and digital sales could help to compensate, ”he added.
Economists are expecting UK retail sales to rise by 1.3%.
“In November the government borrowed £30.8bn, bringing the total amount borrowed for this fiscal year to £245bn, with the very real prospect that the total sum could well rise to well over £300bn by year-end,” Hewson reported.
Borrowing is expected to have risen by another £31.4bn in November.
As for corporate announcements, trading updates from IT group Computacenter PLC (LON:CCC), retailer TheWorks.co.uk PLC (LON:WRKS) and a few others will give investors something chew over on Friday.
Around the markets:
- Sterling: US$1.3700, down 0.31 cents
- 10-year gilt: 0.333%, up 3.05 basis points
- Gold: US$1,861.40 an ounce, down US$4.50
- Oil: US$55.43 a barrel, down 67 cents
- Bitcoin: US$31,657, up US$382
6.45am: Early Markets - Asia / Australia
Shares in the Asia-Pacific region were lower on Friday following a mixed session overnight for major US indices.
Hong Kong’s Hang Seng index led losses among the Asian markets as it fell 1.38% while China’s Shanghai Composite dropped 0.36%.
In Japan, the Nikkei 225 declined 0.44% and South Korea’s Kospi slipped 0.64%.
Over in Australia, the S&P/ASX 200 closed 0.34% lower.
Proactive Australia news:
Nelson Resources Ltd (ASX:NES) has accepted binding commitments for a placement of 28,700,535 new shares at an issue price of 7.5 cents per share to raise $2.15 million for advancing its exploration projects.
engage:BDR Ltd (ASX:EN1) has ended 2020 strongly, completing a heavily oversubscribed shareholder purchase plan (SPP) in conjunction with a placement, which raised $3,243,275, allowing the company to retire outstanding payments owed to service & inventory providers that accrued during the COVID-19 pandemic.
Jindalee Resources Limited (ASX:JRL) has completed an exploration target range (ETR) at its Lyon River magnesite deposit as part of its 100& owned greater Prospect Ridge Project.
Technology Metals Australia Ltd (ASX:TMT) (FRA:TN6) has resumed drilling at the Yarrabubba Iron Vanadium Project in Western Australia, with a second drill rig starting on January 11.
Blackstone Minerals Ltd (ASX:BSX) (OTCMKTS:BLSTF) (FRA:B9S) has signed a non-binding letter of interest with Trafigura Pte Ltd for the potential supply of nickel and cobalt products for the production of downstream products for the lithium-ion battery industry at the Ta Khoa Nickel Project in Vietnam.
Lithium Australia NL (ASX:LIT) (OTCMKTS:LMMFF) (FRA:3MW) has raised another $484,132.84 after its shareholders fully paid the balance on a further 9,702,061 LITCF partly paid ordinary shares in the company, the latest in a series of similar transactions since mid-December 2020.
Predictive Discovery Ltd (ASX:PDI) is accelerating drilling at its Bankan Gold Project in Guinea, with the 25,000-metres Bankan-2 drilling program operating at full capacity as it targets a maiden JORC resource in mid-2021.
Firefinch Ltd’s (ASX:FFX) (FRA:N9F) infill and extensional drilling at the N’Tiola Deposit within the Morila Gold Project has intersected broad zones of economic mineralisation.
Sipa Resources Ltd (ASX:SRI) remained focused on its portfolio of Western Australian assets throughout the December 2020 quarter, in-line with its strategy to concentrate on large-scale ground holdings in underexplored areas.
MGC Pharmaceuticals Ltd (ASX:MXC) (OTCMKTS:MGCLF) (FRA:H5O) enjoyed a productive December quarter and is progressing towards its target of achieving monthly cash flow breakeven by the end of 1H 2021 from around 5,000 units sold per month.
Azure Minerals Limited (ASX:AZS) has observed nickel and copper sulphide mineralisation in each of the first three diamond core holes drilled at the VC-23 target on the Andover Nickel-Copper Project, which is 60% owned by the company.
Miramar Resources Ltd (ASX:M2R) has chalked out plans for a busy first quarter that has set the stage for growth, building over the progress made since its listing on the ASX in October.